Can I trust some Internet company to figure out the market value of my property in Pleasant Valley?
Zillow is a popular website that "gives" computerized estimates that purport to calculate the market value of every property in the United States. Zillow tries to reach this goal this feat by using a sophisticated logarithm that crossreferences factors which affect real estate values, but here's a story I have heard from real estate sellers in Northern Virginia:
Our home was recently appraised for 650K. Zillow estimates the value at 521K. The estimate makes us one of the lowest priced homes in the subdivision. We have all upgrades in our home and it is the largest of the homes that were originally built in this subdivision. It was appraised at 750K before 2009. Our home has a basement. Neighbors do not have basement on one side and you appraised higher. Really? -- James E. - Fort Hunt
If you Google the web for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll discover countless complaints by upset property owners and skeptical home buyers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Pleasant Valley say that Zillow's valuations have a margin of error of around 20%. Even if we assume the margin of error is only 10%, in Northern Virginia that means a "z-estimate" is only within $50,000 of the actual market value. If the margin of error is an astounding 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow (for now) remains popular with some people. Home sellers and real estate buyers should know that there is not a single community in Pleasant Valley where either a mortgage lender or tax collector uses Zillow for tax assessment or appraisals. Our professional advice is to take "valuations" from any online site with a grain of salt. Putting too much stock into a computer logarithm can cause a great deal of disappointment.
Get in touch with one of our agents today for a free comparative market analysis of your property's value. We promise that a computer won't set the ideal price. Instead, your friendly neighborhood Nesbitt Realty expert will account for the complicated variables which make up your property's sales value.
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